Expecting a momentum towards 0.9532. | 11 October 2023

11 October 2023, EUR/USD

Expecting a momentum towards 0.9532.

Technical observation

On the chart above, the price bounced within a resistance zone it established at 1.1178-1.1232 and since then it has been trading with an increasing bearish bias, this week the price opened bullish, however, this upwards movement is a slight correction to the upper side and I expect a loss of it followed by a momentum to the lower side. If you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1566, should there be a clear breakout below the level 0.9532 with a big red candle, I anticipate a further surge to the lower side.

Trade recommendation

Remain short with your take profit at 0.9532.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
Imelda Maseno
Analyst of «FreshForex» company
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